Senator Daniel Akaka (D-HI) has introduced legislation that would encourage federal workers to save at least five percent of their pay in the Thrift Savings Plan.
Dubbed the Save More Tomorrow Act of 2012, the legislation follows the private sector model of automatic enrollment in 401(k) plans to encourage higher savings and participation rates. It builds upon the Thrift Savings Plan Enhancement Act of 2009 under which all federal employees are automatically enrolled in the TSP (unless they opt out) by increasing the default employee contribution rate in the 2009 Act of three percent of basic pay to at least five percent.
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Dubbed the Save More Tomorrow Act of 2012, the legislation follows the private sector model of automatic enrollment in 401(k) plans to encourage higher savings and participation rates. It builds upon the Thrift Savings Plan Enhancement Act of 2009 under which all federal employees are automatically enrolled in the TSP (unless they opt out) by increasing the default employee contribution rate in the 2009 Act of three percent of basic pay to at least five percent.
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